The surveillance conducted by ASIC found that Mr Mehra had failed to make reasonable enquiries into his clients’ relevant circumstances, such as obtaining existing superannuation and insurance information and adequately investigating the clients’ existing financial products prior to making insurance recommendations.

ASIC also found that Mr Mehra had failed to compare the features and costs of any existing insurance with that recommended to clients and to base all judgements on the clients’ relevant circumstances.

“ASIC also found that Mr Mehra is not competent, or adequately trained, to provide financial services,” said the Corporate Regulator.

Mr Mehra’s banning will be recorded on ASIC’s Financial Adviser Register. He has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.